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  • ...also for those without kids or are not inherently young at heart, March 2nd is Dr. Seuss's birthday.
  • The price of gold struggles to retain the rebound from the start of the week as longer-dated US Treasury yields hold above pre-pandemic levels. Get your $XAUSD market update from @DavidJSong here:https://t.co/zE7NafvfTq https://t.co/4BxMT0iyi1
  • Uh oh. Another financial product/meme pivot. I think Elon is just a BTD kind of guy who is in tune with the social trading trends and wants to bring the retail crowd along with him. Would fit the essence of Tesla and Space X https://t.co/EP9zj1rXzU
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nb2pDL6nuW
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Forex Analysis: GBPUSD Regains Foothold Above 1.60

Forex Analysis: GBPUSD Regains Foothold Above 1.60

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices rebounded from resistance at 1.5911 – the 38.2% Fibonacci retracement – completing a Bullish Engulfing candlestick pattern and re-taking the 1.60 figure. The bulls are now challenging falling trend line resistance set from mid-September (1.6150), with a break above that exposing double top resistance at 1.6303. A reversal below 1.60 targets 1.5911 anew. Risk/reward considerations argue against entering a trade with prices right at resistance and we will stand aside for now.

Forex_Analysis_GBPUSD_Regains_Foothold_Above_1.60_body_Picture_5.png, Forex Analysis: GBPUSD Regains Foothold Above 1.60

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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